The Trov Insurtech Chassis
Last week, we announced the launch of our insurance technology platform (aka Trov Chassis), on which we’ll deliver a line of White Label insurance applications, alongside a partnership with Lloyds Banking Group, the UK’s largest retail financial services provider.
Lloyds Banking Group is adopting our Chassis and together we’ll launch compelling insurance applications under the LBG brand later this year. It’s exciting news for the obvious reasons, but the announcement has a more poignant edge since it’s the first time we get to concretely publicize our transformation from a direct-to-consumer insurance brand to an enabler of insurance incumbents, financial institutions, and consumer platforms. In the substrate of the announcement, there are a couple key shifts in our strategy that I’d like to highlight below.
Trov as Enabler: the New Shape of Our Business
Our partnership with one of the world’s most esteemed financial institutions signals an evolution of our business—from building a consumer brand to outfitting enterprises to achieve three objectives: high appeal to the modern consumer, the ability to compete in rapidly shifting technology-enabled markets, and the ability to get to market with innovative insurance applications with zero-to-limited integration with their legacy systems. This, of course, is a fundamental transformation of Trov’s position in the market: from an emerging consumer brand to an enabler of established enterprises. It’s a pragmatic reformation of our business that reflects the education we’ve received over the past few years being in the vanguard of insurance innovation. More on this in a forthcoming blog post.
Our new partnership with Lloyds Banking Group is the official kick-off of our Powered by Trov “white-label” model. Instead of competing with established players like LBG, white-labeling allows us to enable them. We bring the tech-savvy solutions of insurtech startups to traditional companies and make it their own innovation. While they have the reach and established brand, we deliver on what we do best — building flexible digital insurance applications and user experiences.
Trov InsurTech Chassis: the Foundation for Insurance Applications
The past couple years have wrought a matured understanding of how our event-triggered, variable-duration coverages best serve the modern consumer. That understanding, enlightened by insurers’ go-to-market complexities and urged on by incumbents’ growing need for innovation, surfaced the opportunities we’re now pursuing. We are packaging the entirety of our capabilities in a way that others can take to market. Enter the Trov Chassis; insurance applications Powered by Trov.
The end-to-end, cloud-hosted Trov Chassis is comprised of three core subsystems: Consumer Experience, Insurance Policy, and Business Tools. The Consumer Experience subsystem is all digital, custom branded, and includes (among a number of other capabilities) policy quoting, binding, adjustments and claims. The Insurance subsystem can be configured for most types of insurance policies, with ample options for adjusting underwriting rules and pricing factors. The third Business Tools subsystem includes beautifully integrated applications for claims, customer management, and analytics.
Our partnership with Lloyds Banking Group is the beginning of a new era of insurance. Commenting on Trov’s announcement last week, Daniel Pearce, Senior Insurance Analyst at GlobalData, comments, “At present, insurtech’s in the UK have predominantly been partnering with insurers in order to go to market, so [Trov’s] shift towards the Banking channel could be seen as the start of a new wave of partnerships, leading to more innovative products that have historically been confined to the direct insurance market.”
Pearce is right on the money. He’s pinpointing the value potential we’ve been observing for some time, and are now acting upon. The Chassis — and the white-labelled products it supports — is designed to serve carriers, financial services providers, and consumer platforms who need to bring modern, full-stack insurance applications to market. And it delivers them at a fraction of the time and expense associated with designing, developing and launching cloud-hosted, digitally-native insurance applications.
“If innovative solutions arise through this partnership, the status of Lloyds Banking Group as leading provider could set a precedent for the wider market not just the Banking channel,” continues Pearce.
We think he’s right. Look for more announcements in the coming months as we continue to harness the Trov Chassis to release compelling insurance applications with new partners.